PFMS is integrated with the RBI's Core Banking Solution known as: MCQ with Answer and Explanation

PFMS is integrated with the RBI's Core Banking Solution known as:

A. SWIFT

B. E-Kuber

C. UPI

D. NEFT

Answer: Option B

Solution (By JKExamLibrary)

PFMS pushes payment instructions directly to E-Kuber, the RBI's core banking system, for swift settlement of government payments.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Practice More Accountancy and Book Keeping Questions

Question #1 Report Error

In a partnership firm, if the Profit Sharing Ratio is changed, accumulated profits are distributed among partners in their:

A. Old Ratio

B. Gaining Ratio

C. New Ratio

D. Sacrificing Ratio

View Answer & Solution Discuss

Correct Answer: Option A

Explanation:
Accumulated profits were earned in the past when the old ratio was applicable; thus, they belong to the partners in their old profit sharing ratio.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2 Report Error

S1: In the case of admission of a partner, if the new partner brings his share of goodwill in cash, the existing partners' capital accounts are credited in their sacrificing ratio. S2: If the new partner is unable to bring his share of goodwill in cash, the goodwill account is opened in the books of the firm. Which statement(s) is/are correct?

A. S1 only

B. Neither S1 nor S2

C. Both S1 and S2

D. S2 only

View Answer & Solution Discuss

Correct Answer: Option A

Explanation:
S1 is correct. S2 is incorrect because AS 26 prohibits the recognition of self-generated goodwill in the books; hence, the goodwill account cannot be opened. Instead, the adjustment is passed through the partners' capital accounts.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping